Square’s CashApp now supports Bitcoin upgrade ‘Taproot’
Mobile payment service CashApp, a subsidiary of Jack Dorsey’s Square, has added support for Bitcoin’s latest upgrade Taproot on December 1. The support will allow CashApp users to send bitcoin to Taproot-enabled wallets.
Bitcoin blockchain implemented its first major upgrade ‘Taproot’ after more than four years, on November 14. The upgrade will administer several changes, including enhanced privacy, reduced transaction fees, and improved smart contract functionality.
The upgrade was introduced as a Soft Fork, which went live on the Bitcoin Network on November 14 at the block height of 709,632. Cash App introduced Taproot on its homepage and noted, “As of December 1, 2021, all Cash App customers can now send bitcoin to Taproot-enabled wallets.”
Launched in 2013, CashApp is a mobile payment app that also supports the trading and storage of Bitcoin. The app provides services in the UK and the US and is massively popular amongst millennials. CashApp records more than 70 million annual transactions and has generated $1.8 billion in gross profit.
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